Driving Into Debt: 7 Million Americans More Than 3 Months Overdue On Car Payments
Would it surprise you to find out that there are millions of Americans who are living way beyond their means?
The problem isn't isolated to the United States of course, you can find millions of people worldwide that have driven themselves thousands of dollars into debt, living a lifestyle far beyond what they are capable of managing to pay for.
Too many people are going broke on their endeavor to endlessly impress others and it isn't worth it.
Financial experts say that this could be a trouble sign for the auto industry, too many people are getting cars that they cannot afford to pay for, especially with people who are under 30 years of age. But they aren't sounding the alarm just yet, suggesting that it's too soon to declare that the sky is falling.
The buy now pay later temptation is strong and it's driven millions of people into taking on large amounts of debt that they are struggling to pay. Some have suggested that this car trouble sounds eerily similar to the housing market crash that took place several years ago, is this the next bubble to pop?
In 2017, it's reported that at least 1.8 million vehicles had been repossessed, compared to around 1.9 million that were repossessed back in 2009.
Not everyone is convinced that there is nothing to worry about, saying the growing rate of delinquent payments signals the difficulty that many Americans are having in just trying to get by.
Pics:
pixabay
this is not financial advice
I am not surprised at all @doitvoluntarily , we have the same problem here in Canada! I have never owned a new car because I could never afford the payments, I actually sold my used car to pay rent. todays economy with hight taxes etc and O vacancy is very tough to survive let alone get ahead in these days! Awesome post, upped earlier now resteemed!👍🙋❤
Today's economy is awful for a reason, and that reason is because of the people like @doitvoluntarily blaming poor folks for everything and wanting to horde wealth at the top.
You don't deserve to suffer. Nobody does. You shouldn't need to pawn off your things in order to pay for basic needs. The global economic structure is designed to hurt us. Please don't listen to this harmful propaganda.
Great post...This is a demonstration of smoking mirrors...Eloquent speeches say the economy is doing so 'swimmingly'; yet, the stats are portraying a much more dismal picture. One can see all of the boarded up buildings of companies closing and know there's a dual side to the story. Some say, things are set up for the rich to get richer...And, one can't blame the POTUS; because, it's much larger than even him.
Btw, Dave Ramsey says if you've got more car than house, you've got too much car. I interpret this to mean, if you're renting, you prolly shouldn't have a car note. Most $5K well-maintained used cars will do the same thing a $55K vehicle will do...aka Live within your means.
Peace.
To owe so money on a car goes against by sensibility. I am too practical to live like this.
soon as you drive it off the lot, it's greatly depreciated you're right..some say buying a new car is the worst financial decision someone could make 😕
It's almost like we need serious redistribution of wealth.
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It's almost like people need to start spending less than they make...
Cg
hahahahahaahahahahahahahahha fucking bootlicker
because cars aren't necessary in rural towns and suburbs at all, right? It's totally not like they need that shit, right? Go outside for once in your life, you ignorant and hateful cunt.
Also the upvote from the OP is really epic. I love when people enjoy human suffering for the sake of selfishness. Real classy.
lol nice free speech btw
It amazes me you see people living in apartment buildings with a Benz or BMW, youd think a house would be a smarter buy then a car.
Do you often judge people you don't know for decisions you knew nothing about the planning of?
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